FxWirePro: EUR/AUD drifts lower , could be on verge of a bigger drop

• EUR/AUD declined on Tuesday as  increased risk sentiment boosted Australian dollar against euro.

•The pair is approaching 38.2%fib,a daily close below   will accelerate towards 1.5150 level in the short term.

 • From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is   bearish at 42.

• Immediate resistance is located at 15401( 50%fib), any close above will push the pair towards 1.5447( 11DMA).

• Strong support is seen at 1.5253(38.2%fib) and break below could take the pair towards 1.5180(Ichimoke Cloud Top).

Recommendation: Good to sell around 1.5320, with stop loss of 1.5460 and target price of 1.5200.